25
May
May 25, 2023
| Investors gain N167bn as Nestle, others help market defy rate hike – Businessday |
| Nigeria’s equities market furthered its northward trend on Wednesday, rising by 0.58percent or N167billion to defy rate hike by the Monetary Policy Committee (MPC). The Central Bank of Nigeria (CBN) on Wednesday after the two-day Monetary Policy Committee (MPC) meeting, the last under President Muhammadu Buhari’s administration, raised its benchmark interest rate also known as the Monetary Policy Rate (MPR) by 50basis points to 18.5percent…. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More |
MPC shuns bleeding economy, raises interest rate to 18.5 per cent • GDP growth slows to 2.3 per cent in first quarter • Growth claim not real, economists push back • Manufacturing not affected by interest rate hike, Ife claims • Global shocks weigh heavily on African economies, report insists – Guardian |
| Yesterday was a tough day for the economy with the National Bureau of Statistics (NBS) confirming slower growth, while the Monetary Policy Committee (MPC), raises the benchmark interest rate by another 0.5 point, suggesting that growth is not yet its priority. MPC has had an unbroken monetary tightening run in the past 12 months, raising the interest rate from 11.5 per cent to 18.5 per cent. Yet, inflation has remained stubbornly high at 22.2 per cent at last reading…. . ……….. ………. …………. . ….. . … …………….……..Read More |
Inflation “could have risen to 30.48% in April” but for CBN’s 18% rate hike – Emefiele – Nairametrics |
| The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the rate of headline inflation would have hit 30.48% in April 2023 if the primary interest rate had not been pegged at 18%. He said this to stress that the MPC’s hawkish inflation policy was having a positive effect on the fight against inflation, albeit moderately. .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More |
NGX links investment to economic growth – Punch |
| The Nigerian Exchange Limited has said that sustainable finance is important to the transformation of the Nigerian economy. Divisional Head, Capital Markets, NGX, Jude Chiemeka, made this known while delivering his remarks at the Investor Engagement session organised by NGX and the Global Reporting Initiative themed ‘Empowering Responsible Investing – ESG Disclosure’ in Lagos on Wednesday…. ….. .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Total Domestic Investors’ Transactions on NGX Rise to N659.26bn in Four Months – Thisday |
| Amid the current macroeconomic challenges, the total domestic transactions performed by investors on the floor of the Nigerian Exchange Limited (NGX) has so far risen to N659.26 billion in the first four months of 2023. This is according to the recently released data on domestic and foreign portfolio participation in Nigeria’s equity trading for the month of April……. .., … .. .,……. .. …… . ….. . … …………….……..Read More |
UBA, others seek Africa’s economic devt – Punch |
| The Group Chairman of United Bank for Africa, Tony Elumelu, and some other top business experts on Wednesday led discussions on ways to discover Africa’s economic potential to celebrate this year’s Africa Day. According to a statement, panellists who spoke at the meeting agreed that the time had come for the rich potential of the continent to be unlocked. They shared unanimous views of the inherent opportunities that abound in Africa. ……. .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Veritas grows premium by 45% – Punch |
| Veritas Kapital Assurance Plc said its gross premium written rose by 45 per cent year-on-year to N2.08bn as of the end of the first quarter of 2023. It also said its net premium income grew by 151 per cent to N978.1m in the period under review. The underwriting firm disclosed this in its unaudited financial statement for the first quarter of 2023…….. .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Five key takeaways from 2023 Q1 GDP report – Nairametrics |
| The latest data from the National Bureau of Statistics indicates Nigeria’s Gross Domestic Product (GDP) grew by 2.31% year-on-year in real terms in the first quarter of 2023. This compares to a 3.52% real GDP growth rate recorded in the previous quarter and 0.8% lower compared to the 3.11% recorded in the corresponding period of 2022…….. .., … .. .,……. .. …… . ….. . … …………….……..Read More |